Zacks Research Analysts Lower Earnings Estimates for PTEN

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Zacks Research dropped their Q4 2024 earnings estimates for Patterson-UTI Energy in a report released on Monday, December 2nd. Zacks Research analyst N. Choudhury now anticipates that the oil and gas company will post earnings per share of ($0.10) for the quarter, down from their prior estimate of ($0.08). The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.10 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q1 2025 earnings at ($0.09) EPS, Q2 2026 earnings at $0.02 EPS, Q3 2026 earnings at $0.05 EPS and FY2026 earnings at $0.05 EPS.

Several other analysts have also commented on the stock. Barclays dropped their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Citigroup dropped their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley dropped their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. ATB Capital dropped their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Finally, Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Stock Down 0.7 %

NASDAQ:PTEN opened at $8.13 on Thursday. The firm has a market capitalization of $3.17 billion, a P/E ratio of -3.74 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The company’s fifty day moving average price is $8.12 and its 200-day moving average price is $9.13. Patterson-UTI Energy has a 1-year low of $7.38 and a 1-year high of $12.65.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. increased its position in shares of Patterson-UTI Energy by 35.9% during the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock valued at $152,793,000 after acquiring an additional 5,275,525 shares during the last quarter. State Street Corp grew its holdings in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Patterson-UTI Energy by 5.6% in the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock valued at $68,717,000 after purchasing an additional 478,064 shares in the last quarter. Deprince Race & Zollo Inc. grew its holdings in shares of Patterson-UTI Energy by 14.7% in the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock valued at $62,880,000 after purchasing an additional 778,581 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Patterson-UTI Energy by 62.8% in the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is presently -14.61%.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.